SimplyCash® Preferred Card from American Express
4.5 Ratehub rated
Best for Everyday spending
Cash back
Welcome bonus – Earn up to $250 in first-year bonuses.
Card highlights
Welcome bonus
Annual fee
Ratehub’s review
Natasha Macmillan
The SimplyCash Preferred Card from American Express offers a standard 2% cash back on everything with 4% on gas and groceries, plus top robust insurance coverage and all the benefits of American Express perks.
Pros
- Generous cash back rewards: Offers an impressive cash back rate of 2% on all purchases, 4% on gas and groceries up to $30,000 annually, and then 2% cash back on those categories
- Robust travel and purchase protection insurance: Comprehensive travel and purchase protection, including travel accident insurance, purchase protection, and extended warranty
- 24/7 concierge services
- Exclusive access: Enjoy privileges such as access to Front of the Line Presale and Reserved tickets to concerts, theatre performances, movie screenings, culinary events, and other special offers
Cons
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Annual fee: The card comes with an annual fee, which could be a drawback for individuals who prefer no-fee credit card options, particularly as this card isn’t seen as the best cash back card on the market
- Low redemption flexibility: Cash back rewards are only redeemable once per year
Rewards & bonuses
See what you could earn based on how you spend.
Welcome bonus
Earn up to $250.
earn a bonus 10% cash back on all purchases for your first 3 months (up to $2,000 in purchases). Plus, earn a $50 statement credit when you make a purchase in month 13. This could add up to $250 in bonus value in your first 13 months.
Earn rates
2%
On all purchases*
4%
On eligible gas station purchases in Canada & on eligible grocery store purchases in Canada (up to $1,200 cash back annually), groceries*Up to $2,500 / month, then 2%
Monthly spending caps apply where shown. Rewards are earned on eligible purchases only, see the card’s terms for full details.
Your earning potential
First year reward
Based on spending $2,200/mo after $120 annual fee
Second year reward
Based on spending $2,200/mo after $120 annual fee
These numbers are based on estimations and the calculation breakdown below.
Adjust your spending
First year reward†
- If you spend $2,200/month, you’ll earn
- Welcome bonus
- Annual fee
- First year reward
Second year reward†
- If you spend $2,200/month, you’ll earn
- Annual fee
- Second year reward
† Estimate calculated by Ratehub.ca and is based on current offers and a monthly spend of $2,200. It is for illustrative purposes only.
Perks & insurance
Perks and insurance coverage included with the card.
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Not included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
| Insurance | Details | |
|---|---|---|
| Travel accident insurance | up to $100,000 | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | up to $5,000,000 under age 65 | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | up to 48 days; MSRP up to $85,000 | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | up to $500 per trip for all insured person(s) | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | delayed 6 hours or more; up to $500 (combined maximum with Flight Delay Insurance) | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | up to $500 | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Up to $1,000 per occurence | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
Details & eligibility
Fees
- Annual fee
- $120
Rates
- Purchase interest
- 21.99%
- Balance transfer rate
- N/A
- Cash advance rate
- 21.99%
Type
- Provider
- American Express
- Card type
- Cash back
- Payment network
- American Express
Eligibility
- Minimum personal income
- N/A
- Minimum household income
- N/A
- Minimum credit score
- 725+